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someone please help me Acquisition of An Asset: Moss Piano Company purchases a tract of land and an existing building for $1,000,000. The company plans
someone please help me
Acquisition of An Asset: Moss Piano Company purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a new building on the site. In addition to the purchase price, Moss pays closing costs, including title insurance of $3,000. The company also pays $14,000 in property taxes, which includes $6,000 of back taxes (unpaid taxes from previous years) paid by Moss on behalf of the seller and $5,000 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $50,000 to tear down the old building and remove it from the site. Moss is able to sell salvaged materials from the old building for $5,000 and pays an additional $12,000 to level the land. Determine the cost of the land. Depreciation and Disposal The Moss Piano Company purchased a Delivery Truck on January 1, 2025 for $50,000 cash which included all costs to get the asset ready for use. The truck has an anticipated life of 100,000 miles or 4 years. The estimated residual value at the end of the assets service life is expected to be $2,000. For assets of this type, the company utilizes the straight-ine depreciation method. A) Rarnad tha numbees if then areat B) Complete the depreciation table below. D) Suppose the company sells the van on December 31,2027 for $18,000 cash. Provide the joumal entry to record the sale E) Assume the company chooses to use the units-of-production method. Based on the information below, complete the depreciation schedule Acquisition of An Asset: Moss Piano Company purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a new building on the site. In addition to the purchase price, Moss pays closing costs, including title insurance of $3,000. The company also pays $14,000 in property taxes, which includes $6,000 of back taxes (unpaid taxes from previous years) paid by Moss on behalf of the seller and $5,000 due for the current fiscal year after the purchase date. Shortly after closing, the company pays a contractor $50,000 to tear down the old building and remove it from the site. Moss is able to sell salvaged materials from the old building for $5,000 and pays an additional $12,000 to level the land. Determine the cost of the land. Depreciation and Disposal The Moss Piano Company purchased a Delivery Truck on January 1, 2025 for $50,000 cash which included all costs to get the asset ready for use. The truck has an anticipated life of 100,000 miles or 4 years. The estimated residual value at the end of the assets service life is expected to be $2,000. For assets of this type, the company utilizes the straight-ine depreciation method. A) Rarnad tha numbees if then areat B) Complete the depreciation table below. D) Suppose the company sells the van on December 31,2027 for $18,000 cash. Provide the joumal entry to record the sale E) Assume the company chooses to use the units-of-production method. Based on the information below, complete the depreciation schedule Step by Step Solution
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